Rachel Reeves announced £23 billion of additional current spending for 2024-25 and a further large increase in day-to-day spending plans in the following years which the authors say will have a "significant impact on the Welsh Government budget".

The businessman said the decision to tighten inheritance tax relief on business property is an ‘ignorant swipe at aspiration’

It continues the broad approach put in place by previous chancellor Jeremy Hunt when he reversed the disastrous so-called mini-budget of his own short-lived predecessor Kwasi Kwarteng, which left markets in freefall and made Liz Truss the shortest-serving British prime minister in history.

Britain's new finance minister Rachel Reeves announced the biggest tax increases in three decades in her first budget on Wednesday, saying she had to repair the country's broken public services with heavy spending.

Reeves announced a £22.6 billion increase in the day-to-day health budget, and a £31 billion increase in the capital budget, which she said is the largest increase in spending – outside the pandemic – since 2010. By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.

With a £40bn hike, Rachel Reeves delivered the highest level of tax increases ever announced in a Budget, but questions remain as to whether her measures will deliver the economic growth she hopes for

COMMENT: Darren Jones, Chief Secretary to the Treasury tells Sunday Express readers Labour's Budget shows the party did not 'cower away' from difficult decisions.

Rachel Reeves is under fire from Labour backbenchers who say her Budget is “impossible to sell” to their “horrified” constituents. The Chancellor had promised that her maiden fiscal statement would boost growth and “fix the foundations” of the economy.

Retired businessman Terry Smith, who reads the Daily Mail, said he did not believe Ms Reeves' claims of a £22billion black hole in public finances, which has been used as an excuse.